Growthpoint announces R4bn Bookbuild to repair balance sheet

Growthpoint Properties announced the successful closure of its sizeable R4.3bn equity raise. The private placement was 2.74 times oversubscribed. The company initially sought to raise R4bn which it increased in response to the strong demand for new Growthpoint shares. Despite the lower share price about which nothing is predictable Michael Avery approves of a book build as opposed to a rights issue. Individual shareholders will benefit if the market cap of Growthpoint goes up by more than the R4,3bn capital raised. As it has done so conspicuously in the case of the TFG. Avery speaks to Estienne de Klerk, SA CEO of Growthpoint Properties, about what management intend on using the extra capital for?